The Dow Jones Utility average hit a new all-time high last week, and San Diego Gas & Electric was also swept up, reaching an all-time high of 40 3/8, according to Irving Katz, director of research at San Diego Securities.
Investors seem to be seeking safe, secure, high dividend-paying stocks that yield more than money market investments.
GTI, which last week said it will sell all of its operating divisions, rose one-quarter in the week, to 2 3/4, after hitting a high of 2 7/8 after the announcement.
Sun Savings & Loan is no longer listed in the accompanying stock chart, Katz said, after a letter from the Federal Savings & Loan Insurance Corp., which recently closed the company, explaining that a preliminary audit shows that no Sun assets will be distributed to shareholders.
PSA Inc. sold 1.8 million shares of its airline subsidiary, down from 3 million registered for sale, at $7 per share. The stock, which trades over-the-counter, is listed as PSWA and closed at 6 5/8.